Macomb Innovation Fund Announces $375,000 in Awards to Six Detroit-area Technology Startups
September 29 2016 - 9:56AM
Business Wire
Latest round of awards brings total to
$1.175 million
Six early-stage companies from Oakland and Wayne counties will
receive $375,000 in funding from the Innovation Fund Macomb
Community College, Powered by JPMorgan Chase & Co. The unique
initiative provides mentoring and capital to early-stage
businesses, as well as learning opportunities for Macomb Community
College’s students.
The Innovation Fund is a $2.7 million effort to stimulate
economic development and job growth among promising Detroit-area
entrepreneurs and next-stage companies with high-growth potential.
Funding is provided by Macomb Community College’s Strategic Fund
and JPMorgan Chase, as part of the company’s $100 million
commitment to Detroit’s economic recovery.
Companies funded by the Innovation Fund are required to provide
internships or learning experiences for Macomb Community College
students. Students not only have the opportunity to develop
valuable workplace skills, but gain first-hand exposure to
entrepreneurship. More than 230 Macomb Community College students
have benefited from the fund’s first year of operation.
“The Macomb Innovation Fund is about cultivating innovation,
fostering entrepreneurship and creating jobs” said Dr. James
Jacobs, president, Macomb Community College. “In a little over a
year of administering the fund, we’ve already seen a great return
in not only the progress of our portfolio of funded companies but
also in the experiences and energy that these entrepreneurs are
bringing to the real-world education of Macomb Community College
students.”
“Innovative job creators like these are generating opportunities
that will help build a stronger economy in the Detroit
area,” said Chauncy Lennon, Head of Workforce Initiatives,
JPMorgan Chase. “Our investment in this fund is giving young people
the valuable skills and financial boost they need to get their
businesses off the ground and continue to help Detroit
comeback.”
Since the Macomb Innovation Fund began making awards in July
2015, $1.175 million in commitments have been made to 19 companies.
In addition, these companies have generated nearly $3.3 million in
follow-on funding.
Three companies will receive awards that are designed to advance
the progress of emerging companies toward larger-scale funding.
These companies must provide matching funding and commit to paying
back the award:
- ENT Biotech Solutions (Grosse
Pointe Farms/ Wayne County) – $100,000 award. ENT Biotech Solutions
has developed an FDA-approved medical device for use by
otolaryngologists (physicians trained in the medical and surgical
management and treatment of patients with diseases and disorders of
the ear, nose, throat (ENT), and related structures of the head and
neck) to remove tonsils/adenoids and soft tissue.
- Sentinl (Detroit/ Wayne County)
– $100,000 award. Sentinl is focused on creating tools to support
responsible gun ownership and has developed a biometric trigger
lock that sits over a handgun trigger and instantly opens and drops
off the weapon when an authorized user is detected.
- SPLT (Detroit/ Wayne County) –
$100,000 award. SPLT is an enterprise carpooling platform that
partners with corporations, universities and municipalities with a
sustainable ridesharing technology that saves money, time and
natural resources. Recently, the company partnered with Lyft to
provide non-emergency medical transportation to help the elderly
with mobility.
Receiving awards of $25,000, which are designed to support
early-stage businesses taking the initial steps in market
introduction, are:
- CityInsight (Detroit/ Washtenaw
County) – $25,000 award. The company has developed its first
product CityWater™, an app and website that enable residents to
track water usage in real time, easily access billing information
and receive mobile customer support. CityInsight’s first customer
is the City of Detroit.
- Make-Cup Concepts (Commerce /
Oakland County) – $25,000 award. Make-Cup Concepts developed a
“makeup-in-a-cup” system that features special compartments to hold
brushes, powders, eye shadows, lip, lash products and more in a
thermally protected, sanitary, earth-friendly container. Users can
customize their palette and refill cosmetics, reducing plastic
waste.
- Sign-On C.P.R. (Grosse Pointe/
Wayne County) – $25,000 award. Sign-On C.P.R. has developed and
launched a “Virtual Immersion Program,” so that American Sign
Language (ASL) learners can overcome the limited opportunities to
practice with a deaf individual, which is required for
certification. The portal allows students to easily access and
schedule a 30-minute live session with a deaf individual, while
providing living wage employment opportunities for the deaf
community.
The six companies awarded funding were selected from a field of
47 qualified applicants. Each went through a two-stage process,
pitching first to a screening committee. The highest-rated
companies moved on to a selection committee comprised of area
professionals with experience in business management, finance, law,
manufacturing and technology, who made final award
recommendations.
The deadline for the next application cycle for the Macomb
Innovation Fund awards is December 15, 2016. To be eligible for the
Innovation Fund, companies must locate within a nine-county region
consisting of Genesee, Livingston, Macomb, Monroe, Oakland,
Shiawassee, St. Clair, Washtenaw or Wayne counties. Information
about the application process is available at
www.macomb.edu/cie.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.5 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of consumers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Macomb Community College
Macomb Community College (www.macomb.edu) is one of the nation’s
leading community colleges, providing learning experiences to more
than 44,000 students annually. Macomb grants the largest number of
associate degrees in Michigan and nationally ranks in the top two
percent in the number of associate degrees awarded by community
colleges. The college’s comprehensive educational programming
includes pre-collegiate experiences, university transfer and career
preparation programs, bachelor-degree completion and graduate
degree programs, workforce training, professional education and
certification, and continuing education and enrichment
opportunities.
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Macomb Community CollegeJeanne Nicol586-445-7204
office248-459-9047 mobilenicolj@macomb.eduorJPMorgan Chase &
Co.Stephanie Bosh202-585-1382
officeStephanie.a.bosh@jpmorgan.com
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